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27.11.2006
The credit rating assigned to the bonds issued by «Scientific and Manufacturing Enterprise «Plastopolimer» LLC upgraded to uaB+ (uaB plus)
"Credit-Rating", a nationally-recognized credit rating agency in Ukraine has today announced the upgrade from uaB to uaB+ (uaB plus) long-term credit rating assigned to the issue of the registered zero-coupon (housing) bonds (A-G series) by the Simferopol region-based "Scientific and Manufacturing Enterprise "Plastopolimer" LLC ("Plastopolimer", "the Issuer" or "the company") for the amount of UAH 80m with the 2-year original maturity. The main company`s activity is producing the semi-manufactures and products from fluorocarbon polymer. Moreover, the company is involved in cargo transportation, servicing and fixing of vehicles, investment and construction, and in real estate renting. In the course of the upgrade procedure the "Credit-Rating" agency used Issuer`s financial reports for 9 months of 2006 as well as other inside information furnished by the company.
The uaB issue credit rating reflects a HIGHER DEFAULT POSSIBILITY than of the uaBB rating, though in this case the obligor`s capacity is adequate to pay its obligations in the Ukrainian financial market environment. This debt liability is more affected by the adverse changes in business, financial and economic conditions than debt liabilities with higher ratings. That may negatively affect the obligor`s capacity and willingness to fully and timely pay interest and principal on obligations. "Plus" denotes rating`s relative status within major categories.
In the course of the rating upgrade procedure the Issuer`s experience as customer and investor in investment and construction projects implementation was taken into account, in fact July 2006 saw setting in operation the recreation complex with the total floor area of 2.98 thousand sq.m. based in Noviy Svet borough (Autonomous Republic of Crimea)
Information on all the credit ratings assigned in accordance with the Ukrainian national scale may be found in the REUTERS and BLOOMBERG information systems.
For further information, please contact:
Information and analytic department
Sergey Rozumyak +38 044 490 25 50
SRozumyak@credit-rating.com.ua
